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Pharma & Bio Ingredients
As of Monday evening, the acceptance rate was 18.49 percent, Bayer said in a statement. The offer originally was scheduled to run through May 31.
"The extension of the acceptance period enables all Schering stockholders to accept our attractive offer within the next two weeks," Bayer Chief Executive Werner Wenning said.
Bayer noted that Schering's biggest shareholder with 11.4 percent of the stock, insurer Allianz AG, has announced its intention to accept the offer.
"Bayer is, therefore, convinced that the acquisition of Schering will be successfully completed," the statement said.
The bid from Leverkusen, Germany-based Bayer trumped a hostile 14.9 billion euros ($19 billion) offer made previously by a third German company, Merck KGaA, which later pulled out.
The European Commission and U.S. regulators have approved the deal.
The planned merger of Schering AG and Bayer's pharmaceuticals division will create a new international heavyweight in pharmaceutical specialty products.
It is expected to result in the loss of some 6,000 jobs from the combined work force of about 60,000.
The combined company is to be named Bayer-Schering Pharmaceuticals and have its headquarters in Berlin.
